Canada: Housing starts abate in January
Housing starts on a seasonally-adjusted annualized (SAAR) basis fell to 207,968 units in January, according to the Canada Mortgage and Housing Corporation (CMHC). January’s reading followed an upwardly revised 213,630-unit print in December (previously reported: 213,419), driven by a drop-off in single-detached urban starts. The reading topped analysts’ expectations of 205,000 and was firmly above the symbolic 200,000-unit threshold.
Meanwhile, the six-month moving average of housing starts on a SAAR basis ticked up to 208,131 units in January from 207,171 units in December.